Is China's insurance industry monopolized by the state or open to all including foreign insurers?

Until the mid 1980s, the insurance sector, with a premium income of 460 Million RMB, was monopolized by the People's Insurance Company of China. This ended in 1986 when several new Chinese insurance companies were approved. The Shanghai market was opened to foreign companies in 1992 and Guangzhou in 2000, however, as part of China's commitments to the WTO, by the year 2004, the whole country shall be opened.